NEW YORK: Wall Street stocks finished modestly higher Thursday following a batch of mostly solid corporate earnings and a successful market debut of technology company Pinterest.
The Dow Jones Industrial Average advanced 0.4 percent to 26,559.54.The broad-based S&P 500 added 0.2 percent at 2,905.03, while the tech-rich Nasdaq Composite Index edged up less than 0.1 percent to 7,998.06.
Following some better-than-expected results, analysts now project that companies in the S&P 500 will report a 2.3 percent decline in earnings-per-share in the first quarter, a bit better than the 2.7 percent drop seen on the eve of the reporting season, according to CFRA Research, reports AFP.
“There were lowered expectations of profitability, so businesses are doing a little better than expected,” said Brian Battle, a director at Performance Trust Capital Partners.
“The market has rallied a really long way,” he added. “We need more good news to push higher from here.”
Several companies gained following earnings, including American Express, Honeywell International and Union Pacific, while Alcoa and Schlumberger retreated.
US retail sales rose 1.6 percent in March to $514.1 billion, thanks in part to especially robust auto sales. Analysts had expected an increase of 0.9 percent.